Great Panther Silver Purchases New Silver-Gold Project in Guanajuato
Jul. 18, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- GREAT PANTHER SILVER LIMITED -
(TSX:GPR)(NYSE Amex:GPL) (the "Company") is pleased to announce
the acquisition of four mining concessions, totaling 1,514
hectares, approximately 10-15 kilometres northeast of
Guanajuato, Mexico (see maps on Great Panther Silver's website).
The claims are located on the north-west extension of a system
of multiple northwest-southeastern trending parallel structures
that could be part of the "La Sierra" vein system.
The La Sierra system is the most easterly of the three
structural systems in the prolific Guanajuato district along
with the main Veta Madre and the La Luz trends.
Presently the Company is mining on the Veta Madre system at
its Guanajuato Mine and exploring on the westerly La Luz
system at the San Ignacio project.
There are numerous past producing mines along the La Sierra
system, including AuRico Gold's currently operating El Cubo
mine, with 620,000 gold equivalent ounces in reserves
(AuRico Gold Inc. website).
Several old mines, some with multiple levels, are evident on
the newly-acquired concessions, collectively called
the Santa Rosa Project,
but no production records exist.
"This is a strategic acquisition for Great Panther Silver,
as the concessions have excellent exploration potential
and are within trucking distance to the Company's
Cata plant in Guanajuato," stated Robert Archer,
Great Panther's President & CEO.
"We know from our success at San Ignacio that new discoveries
are still possible in this historic district and we are
excited about the prospects for the Santa Rosa Project."
Through the course of due diligence, Great Panther has already
completed considerable ground work on the Santa Rosa claims.
Multiple veins have been identified, with argillic alteration
and erratic silver and gold values.
Having now signed the formal agreement, the Company will be
immediately re-commencing geological mapping and rock sampling,
while potential drill sites are being investigated to test
the various structures.
The four claims were purchased from Minera Blanca Alicia, S.A.
de C.V., a private Mexican company, for USD$1,500,000 with
50% payable on signing of the purchase agreement and
50% on the registration of the contract with
the Direccion General de Minas (Mexico).
A royalty of 1.3% is payable from ore produced from
the four claims only.
Robert F. Brown, P. Eng. and Vice President of Exploration
for the Company is the Qualified Person for
the Santa Rosa project, under the meaning of NI 43-101,
and has overseen all of the aforementioned work.
A full QA/QC program is being followed including the regular
insertion of splits, blanks, and standards into the sampling
Analysis of the rock samples is being conducted at
the Guanajuato Mine on-site laboratory, independently
operated by SGS.
For further information, please visit the Company's website at http://www.greatpanther.com
ON BEHALF OF THE BOARD
Robert A. Archer, President & CEO
This news release contains forward-looking statements within the
meaning of ---- Reports filed with the Canadian Securities
Administrators and available at www.sedar.com.
604 899 4303 (FAX)
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